If you see a Realtor® right now, most likely they are running past and talking fast. Despite Covid, real estate sales were strong in 2020, but nothing like the market we are in right now. Since March, homes in a majority of the areas of Houston have been selling very quickly, at or above list price, many times with multiple offers. This is especially true of homes outside the Beltway.
Inventories are low and demand is high. The high demand is driven by many factors, including:
- Pent up demand from buyers that sat out the market last year.
- Record low-interest rates.
- People and companies moving to Houston from all over the US, mostly in more expensive markets.
- Corporate and international investors buying up properties.
- Houston residents moving to larger homes with more rooms and features – study, game room, extra bedroom, bigger yard, pool.
- People who no longer need to be in their offices in the Inner Loop areas can move further out and get more homes.
The feeding frenzy has calmed down slightly in July & August, due to more supply of homes, but it will take some time for inventory to catch up with demand. If you have considered selling your home, now would be a great time to get it on the market.
